Deltic Energy plc has agreed to sell its entire share capital for £6.9 million cash to Viaro Group’s subsidiary RockRose Energy. SELENE Viaro will also provide Deltic with a bridging loan of up to £2.7m to cover working capital before the acquisition becomes effective. Deltic has previously warned about “political and fiscal headwinds” hampering the […]
Tag: Pensacola prospect – Licence P2252
Deltic given more time to find Pensacola partner
Deltic Energy plc has been granted more time to find a farm-in partner for the southern North Sea licence P2252 containing the Pensacola gas discovery. APPRAISAL The company had until the end of May to find £15 million for its share of the costs or withdraw from its 30% licence interest. Deltic today said that […]
Deltic risks losing Pensacola without funds
Deltic Energy plc needs to find £15 million for its share of costs for the Pensacola discovery or withdraw from the project if it fails to find a farm-in partner by the end of May. CAPITAL The company also warned it might not be able to obtain alternative sources of capital or on acceptable terms. […]
Deltic on course to drill Selene and Pensacola wells
Deltic Energy plc preparations continue for drilling the Selene gas exploration well and Pensacola appraisal well during 2024 in the southern North Sea. FINANCING Site survey work, rig selection and contracting process for both wells continue ahead of drilling Selene on licence P2437 during Q3 2024 and the Pensacola discovery in late 2024. Deltic estimates […]
Deltic marks ‘transformational’ six months
Deltic Energy plc continues to hold a strong balance sheet after a “transformational” first half year from the major hydrocarbon discovery in the Pensacola licence. FINANCES Results for the the six months of 2023 show that the company began the year with £20.4 million cash and ended the period with £9.1m following planned investment of £10m […]
Deltic marks rise in estimated Pensacola oil and gas
Deltic Energy plc said the estimated oil and gas resources have nearly doubled for the joint venture (JV) Pensacola discovery on licence P2252 in the UK North Sea. ANALYSIS The company’s post-well analysis now estimates the structure to contain gross P50 initially in place volumes of gas and oil of 342 million barrels of oil […]